DSX vs VXZ: Correlation
How closely do Diana Shipping inc. (DSX) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) trade together? Their weekly returns over three years give a correlation of -0.29, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DSX and VXZ?
Over the past 3 years, DSX and VXZ moved with a correlation of -0.29, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.25) sits close to the 3-year figure. Over 5 years the correlation is -0.22, and the annualized covariance of weekly returns is -282.6 %².
Out of 13 assets tracked against DSX, VXZ lands near the bottom at #12. The last year tells two different stories: DSX led by 82.1 percentage points, +66.0% for DSX against -16.1% for VXZ. One caveat on sizing: DSX is 1.5 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
DSX vs VXZ: side by side
| DSX (Diana Shipping inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +66.0% | -16.1% |
| 5-year return | -10.5% | -53.1% |
| Volatility (ann.) | 38.7% | 25.6% |
| Beta vs S&P 500 | 0.89 | -1.31 |
| Max drawdown (3Y) | -60.1% | -36.4% |
| Market cap | $0.3B | – |
| P/E (trailing) | 5.5 | – |
| Dividend yield | 1.50% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DSX | VXZ |
|---|---|---|
| 2022 | +18.2% | +0.5% |
| 2023 | -15.0% | -44.0% |
| 2024 | -28.1% | -12.7% |
| 2025 | -13.7% | +5.7% |
| 2026 | +64.0% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DSX and VXZ good diversifiers for each other?
Yes. With a correlation of -0.29, DSX and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between DSX and VXZ?
Using weekly returns as of 2026-08-27: -0.29 over 3 years, with -0.25 over the last year and -0.22 over 5 years.
Is VXZ a good diversifier for DSX?
Yes. With a correlation of -0.29, DSX and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.29 mean?
On the −1 to +1 scale, -0.29 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/dsx-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dsx-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DSX correlations · VXZ correlations
